CommBank launches No Fee mortgage

Commonwealth Bank launched a new offensive in the escalating competitive battle between the big banks – a no fee mortgage. The new CBA loan is priced at 7.24 per cent, compared with the current CBA headline standard variable rate of 7.81 per cent. Commonwealth customers can switch to the new loan for free.

Westpac’s headline standard variable mortgage rate is currently 7.86 per cent, ANZ charges 7.80 per cent, and NAB's rate is set at 7.67 per cent. “Commonwealth Bank’s No Fee home loan adds additional competition to an already competitive mortgage market,” Ross McEwan, Commonwealth’s Group Executive Retail Banking said. “Our No Fee home loan is the very first of its kind in the Australian market, with no annual fees, no monthly fees, no exit fees – no bank fees at all.”

Source: Sunday Mail